KPMG report - Treatment of private equity funds as trade or business 

April 14:  The U.S. Supreme Court denied certiorari from a First Circuit decision in the Sun Capital Partners III LP case—addressing the liability of private equity funds for ERISA obligations of a portfolio company in which the funds held indirect interest, and specifically whether the funds were a trade and business for ERISA purposes.

While the Court’s denial of certiorari concludes the Sun Capital matter, questions remain as to whether a private equity fund is a trade or business for U.S. federal income tax purposes.


Read an April 2014 report [PDF 225 KB] prepared by KPMG LLP: What’s News in Tax: Supreme Court Denies Certiorari in Sun Capital Case




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